Safe Harbor Insurance Advisors can protect your business with cyber liability insurance.
The threat of cyber attacks is large and growing, costing companies and individuals trillions of dollars each year. Safe Harbor Insurance Advisors has industry-leading experience and expertise to help you reduce the cyber risks you and your business face.
Cyber insurance is protection against damages resulting from electronic threats to your computer systems or data. These threats can result in things like stolen or damaged information and expensive liability and recovery costs. Coverage options include incident response services as well as first-party and third-party coverages. It’s sometimes referred to as cyber security insurance or cyber risk insurance.
Who needs it? Any business that stores or processes sensitive information like names, addresses, Social Security numbers, medical records or credit card information needs cyber insurance.
As more small businesses choose to use and store digital data, the need for this coverage has expanded to more than just the healthcare and banking industries. A few of the many businesses that should consider a cyber policy include:
The importance of cyber security insurance Cyber insurance is important to the financial well-being and future of your small business. A single claim can be costly and difficult to overcome on your own. Cyber security helps reduce the potentially devastating effects of a claim. It can cover costs related to IT forensics investigation, data restoration, legal liability and customer notification.
A cyber insurance policy allows you to spend less time worrying about cyber threats, and more time on what matters most – your business. Easily assess your cyber risk and get a free quote to learn which cyber insurance coverages to consider for your situation.
What does it cover? Cyber insurance covers a variety of risks that are divided into two parts:
First-party coverage – Covers damages you and your business suffer because of a data breach. This can include things like investigative services, business interruption coverage and data recovery.
Third-party coverage – Covers damages if your customers or partners are affected by a cyber-attack on your business. This can include legal fees, settlement costs, security failure and media liabilities.
How much coverage you need depends on your business’s specific risk. Many small businesses need higher limits that are typically only available on stand-alone policies. Smaller cyber risk policies can usually be added to a business owners policy (BOP).
Small Businesses account for 58% of data breach victims *